FAQ

Questions About Your Loan Application

I received a mailer saying I was “pre-approved.” Does this mean I am approved?

No. A “pre-approval” is still subject to our verification of your identity and credit information. As stated in our mailer, we will not extend credit if you do not meet our pre-established criteria, meaning: (i) you are a U.S. citizen or permanent resident; (ii) are 18 years old (19 in AL and NE); (ii) reside in a state OppLoans operates in; (iv) have direct deposit for your income source (New Mexico residents are exempt from this requirement by law); (v) your verified income supports your ability to repay; and, (vi) meet our verification standards.

What is Bank Verification and why do you need it?

To speed up the verification process, you can choose to securely connect to one of the bank verification partners of OppLoans. OppLoans uses MicroBilt and DecisionLogic as third-party providers for the bank verification process. The bank verification step provided through the OppLoans application is intended to verify your authority and access to external financial accounts, confirm your ability to access such accounts, and verify your financial information as part of the application process. OppLoans does not store your bank account’s username and password, and all of your bank credentials are encrypted.

I’m a previous OppLoans customer, but I have moved to a different state. Can I still apply?

If you were previously a customer of OppLoans and your account is in good standing, you may be able to submit an application if you moved to a state we offer products in. For more information about the product options and lender(s) in your state, please visit our Rates and Terms page.

How do I know if I’ve been approved?

Can I apply over the phone?

We do not currently accept applications by phone. However, our online application process is quick and easy—we promise! Just click “Apply Now” at the top of this page or visit www.opploans.com/register to begin the application on your computer, smartphone or tablet!

When will I receive my funds?

The receipt of your funds will vary based on the time at which your application was approved. You will receive an email notification once your loan is approved.

Monday through Thursday: If your application is approved before 9pm* CT from Monday through Thursday, you can expect your funds the next business day.

Friday Before 9:00 p.m. CT: If your loan is approved before 9pm* CT on Friday, you can expect your funds on Monday.

Friday after 9:00 p.m. through Sunday: If your loan is approved after 9pm * CT on Friday, on Saturday or on Sunday, you can expect your funds on Tuesday. If your approval day or deposit day happens to be a bank holiday, please allow for 1 extra business day of processing.

The exact time of funding depends on when your bank will post the ACH (Automated Clearing House) credits to your bank account. If you experience a delay, please reach out to your bank directly.

*Ohio customers, please note: the time cut-off will be 8pm CT instead of 9pm CT.

Do I need to send in any documents?

There are some instances where proof-of-income is required prior to your application being approved, including:

If you receive alimony

If you receive disability benefits

If you receive social security benefits

If you reside in IL or NV a paystub is required

Proof-of-income may include a government benefits award letter or a recent bank statement displaying regular deposits. Alimony, child support, or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for your ability to repay. Please review our Rates & Terms page for more information about regulations in your state.

Do you have any requirements I need to meet in order to submit an application?

Have a regular source of income (Income can be from employment or from benefits including Social Security, Disability, etc. Please note: alimony, child support, or separate maintenance income is optional to include)

Have a checking or savings account

Receive paychecks through direct deposit (Due to state regulations, New Mexico residents are exempt from this requirement)

How much can I borrow?

Consumer products offered through the OppLoans website range from $1,000 to $4,000, but your eligibility will depend on your state of residence, your income and ability to repay, and your creditworthiness. For more information about the product options and lender(s) in your state, please visit our Rates and Terms page.

Not presently be a covered borrower as defined by the Military Lending Act (“MLA”). Due to the changes in the Military Lending Act effective October 3, 2016, the products OppLoans offers are not available to applicants listed as Covered Borrowers in the Military Lending Act database, including qualifying active duty service members and their dependents as defined in 32 C.F.R. § 232. However, FinWise Bank offers additional loan products through their other partners which covered borrowers may be eligible for. Please see follow this link to see further eligibility requirements for those products.

Have a regular source of income. If your income is from employment, you have been working for your current employer for at least 3 months.

Have a traditional bank account in your name with 90 days of history.

Receive their paychecks through direct deposit. (Due to state regulations, residents of New Mexico are exempt from this requirement.)

How will my loan be funded?

We work hard to offer you a quick and convenient process. Once your application is approved, funds are typically deposited in your account as soon as the next business day. The actual time it takes the funds to appear in your account depends on your financial institution. Generally, if your loan is approved before 9pm* CT from Monday through Thursday, you can expect your funds the next business day. If your loan is approved before 9pm* CT on Friday, you can expect your funds on Monday. If your loan is approved after 9pm * CT on Friday, on Saturday or on Sunday, you can expect your funds on Tuesday. If your approval day or deposit day happens to be a bank holiday, please allow for 1 extra business day of processing.The exact time that funds become available will depend on your bank. If you experience a delay, please reach out to your bank directly.

*Ohio customers, please note: the time cut-off will be 8pm CT instead of 9pm CT.

Questions About Your Account

Simply go to our home page www.OppLoans.com and click the My Account button in the upper right-hand corner. Once you log in you will be able to view your loan agreement, your scheduled upcoming payments, past payments and check your balance.

How do I change my password?

Simply go to our homepage www.opploans.com and click the “My Account” button in the upper right-hand corner. Once you log in, you will be able to select “Change Password” on your customer dashboard to complete your password change.

Can I refinance my personal loan?

We understand that financial situations change and that you may need more flexibility when borrowing money. To help in this process, we offer refinances to eligible current customers. If you are eligible to refinance, you will see a “Refinance Now” option in your customer portal.

Can I repay early or make additional payments?

Yes! At OppLoans, we want to make things convenient for you. OppLoans does not charge any prepayment fees. You can pay off your loan or make additional payments at any time. Simply log into your account to make a payment using your saved bank account (ACH) or a debit card.

If you choose to pay off your balance in full, please note that if for any reason that your payment does not clear, interest will continue to accrue and the total amount due will increase.

Extra payments help you repay your loan faster, reducing the amount of interest that you will owe. However, please keep in mind that making an early payment does not change or suspend your scheduled payments and you will still need to make your next scheduled payment.

How can I repay my personal loans?

It’s important to OppLoans to offer easy and convenient ways to pay back your loan. The most popular and preferred method for many customers is through electronic fund transfer (EFT). We also offer a recurring payment option of remotely created checks.

For one-time payments, we accept debit cards and EFT. Please review details about each payment method below, including the cutoff times:

Electronic Fund Transfer (ACH Debits)

This is the most popular repayment method for many customers. ACH stands for Automated Clearing House and is a form of electronic debit. We electronically debit your bank account for the amount you owe and the debits coincide with your due dates. You must set up ACH or make changes to your ACH payment two business days before your payment due date. Typically, you will see the debit go through within (2) business days of your due date but check with your financial institution for details on their ACH practices. A payment scheduled on a holiday or weekend may not process until the next business

Debit Cards

OppLoans accepts debit cards for one-time payments. Typically, debit card payments are applied the same day. For example, if your payment is due on January 5, your debit card payment must be made on or before January 5 during the hours of operation.

You can set up a one-time or recurring debit card in the customer portal or by calling us at 855-408-5000.

Questions About Credit Education & Credit Reporting

Will my credit score be affected if I apply?

When you apply through the OppLoans website, OppLoans pulls your credit report in order to provide you with a loan offer. This soft inquiry will not be visible to third parties and will not impact your FICO® credit score.

What do I receive if I complete the online credit education courses?

There are numerous benefits! OppU is a national standards-aligned personal finance curriculum designed to teach essential concepts like saving, budgeting, credit eduction and more. OppU can help you master your money with fun and free videos and quizzes.

Questions About OppLoans and FinWise Bank

FinWise Bank is an FDIC-insured, state-chartered financial technology bank located in Sandy, Utah. OppLoans provides access to credit products to consumers throughout the United States through its partnership with FinWise Bank.

FinWise Bank is the originator of loans in certain states (To see if a product offered in your state is an OppLoans or FinWise Bank product, check our Rates and Terms page). However, OppLoans has contracted with FinWise Bank to service these loan products. OppLoans will be your single point of contact for all questions or concerns.

CA residents: Opportunity Financial, LLC is licensed by the Commissioner of Business Oversight (California Financing Law License No. 603 K647).

DE residents: Opportunity Financial, LLC is licensed by the Delaware State Bank Commissioner, License No. 013016, expiring December 31, 2019.

NM Residents: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website http://www.rld.state.nm.us/financialinstitutions/.

NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

Based on customer service ratings on Google and Facebook. Testimonials reflect the individual's opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

* Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

Rates and terms vary by state.

If you have questions or concerns, please contact the Opportunity Financial Customer Support Team by phone at 855-408-5000, Monday-Friday, 7 a.m.- 10 p.m. and Saturday and Sunday between 9 a.m. – 4 p.m. Central Time, or by sending an email to help@opploans.com.